Illinois House Approves Pension Plan - News and Weather For The Quad Cities -

Illinois House Approves Pension Plan

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House floor at the Illinois State Capitol in Springfield, Ill. (AP File Photo) House floor at the Illinois State Capitol in Springfield, Ill. (AP File Photo)
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Fixing Illinois' $100 billion pension problem is being tackled one step at a time.

Thursday night, March 21, 2013, the house approved a pension plan that could delay and reduce cost-of-living increases for retirees.

This action means that no cost-of-living increases can be taken until retirees reach the age of 67 or five years after they retire.

Earlier this week, senate lawmakers approved changes to the teacher retirement system that gives employees a choice between retirement health care or reduced annual cost-of-living increases.